We recently received a few questions about 1031 Exchanges, and the short answer…they’re pretty simple, but also complicated. ;-) How’s that for a politician’s answer? Joking aside, we thought this brief description from The Money Alert was pretty good.

“Established for real estate barons and tycoons, 1031 exchanges have been around since the 1920s. Named for the IRS code which refers to them, the tax-saving tool also known as “flipping” or a “like-kind” exchange has been gaining traction as a way for Americans to save money on taxes from property, by
deferring them to another, newly-purchased property.

1031 exchanges are a simple concept surrounded by not-so-simple details. If you own a piece of property, and you wish to sell it and buy another piece of property of equal or greater value, you can defer your capital gains taxes by performing a “like-kind” exchange. Continue reading →

“Dear [sfnewsletter],
I’ve been reading your newsletter for a while and love your new blog. Just curious. Between all of you, how many years experience do you have and roughly how much transaction volume (in dollars) have you been a part of? Thanks, J.K.”
————————–
J.K.,

Thanks for writing in and thanks for your question.
Our team has represented clients in close to $850,000,000 worth of real estate transactions. (Roughly $650m from our Realtors, and $200m from our mortgage brokers.) We have some members with as little as 1.5 years experience and others with close to 40.
We add new members all the time, and the list of “experts” you see over in the right column is not our entire team, only those that have contributed to this BLOG.
So as of today, those are our numbers, but as of next week, that number will likely change (hopefully up). ;-)
Keep spreading the word about sfnewsletter, our team, and this new BLOG, and feel free to ask a question any time.

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The real estate market in San Francisco continues to soar. Multiple offers are almost expected on most properties, and competition is still fierce. I thought sales would slow a lot during this summer, and they have a bit. There were about half as many closed transactions this week as there were last week. Why? Summer vacation. You can’t blame people for wanting to get out of this unbelievably horrible weather we are having. Expect things to pick up to a frenzy again around September.

On that note, I am running out of town to find some sun!

Maximum overbid of the week goes to:
1358 38th. Avenue. Two bedroom, One bath, Two car parking. Asking $598,000, sold for $768,000, and only spent 10 days on the market!!!!!!